Cactus Fuel, LLC Has Been Acquired by Hastings Equity Partners
Energy, Power & Infrastructure,
Specialty Distribution
Mergers & Acquisitions
Odessa, Texas
HOUSTON, April 5, 2016 – GulfStar Group (GulfStar) is pleased to announce the acquisition of Cactus Fuel, LLC (Cactus Fuel) by Hastings Equity Partners (Hastings). GulfStar served as the exclusive financial advisor to Cactus Fuel throughout the transaction, which closed on March 23, 2016.
Based in Midland County, TX, Cactus Fuel is a leading provider of specialized fuel services to operators and drillers in remote locations in the Permian basin. Cactus Fuel was founded in 2012 by a management team with extensive oilfield service experience.
“We are very excited to partner with Hastings and look forward to being able to expand and enhance our service offering to our customers,” said Jimmy Tindol, chief executive officer of Cactus Fuel. “We recently executed a geographic expansion into New Mexico and are in the process of opening additional locations that will further increase our reach.”
Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market energy services and equipment businesses. Hastings’ approach is to leverage the extensive operational experience of the firm’s managers and investors, many of whom are active or former CEOs of Fortune 1000 companies.
“We believe Hastings is an excellent partner for the entrepreneurial management team at Cactus,” said Cliff Atherton, managing director of GulfStar. “Cactus has a proven operating model, and they are aligned with Hastings on strategy.”
The GulfStar team consisted of Managing Directors Cliff Atherton and Tom Hargrove, along with Vice President Rupert Gerard and Analyst Alex Pette.
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 630 transactions in 32 states and 14 foreign countries across a variety of industries.
Securities offered through GulfStar Group I, Ltd. an affiliated entity, member FINRA – SIPC.
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